Section 20(1) in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
(1)Every corporate agent shall file, at the time of seeking registration, with the Authority, a Board or its equivalent Approved Policy on the manner of soliciting and servicing insurance products. The Policy shall address the manner of adopting the philosophy of open architecture and going forward in implementing the same. The Policy, amongst others, shall include the approach to be followed by the corporate agent in having single or multiple tie-ups, the partners in the tie-ups, the business mix, the type of products sold, grievance redressal mechanism and reporting requirements. :
